QIIB loan facility for expats

Mohamed al-Asfar

International Islamic (QIIB) has announced a new loan facility for expatriate residents -’Unique Financing’, which provides repayment up to 60 months.
The financing facility, which the bank said is packed with many features, can be used by residents for meeting their various every day requirements.
The applicant for the loan should have a minimum salary of QR5,000 a month.
QIIB deputy manager (Banking Services) Masoon Mohamed al-Asfar said in a statement that ‘Unique Financing’, the first of its kind in Qatar, had been designed with a customer-centric approach and takes into account customers’ requirements.
Customers may contact any of the bank branches or the bank’s 24x7 call centre to avail of the facility, al-Asfar said.
‘Unique Financing’ is launched close on the heels of another ‘trend-setting’ product from QIIB – a vehicle loan scheme. Recently, International Islamic (QIIB) bank launched the scheme for financing the purchase of new and used cars. The profit rate for loans starts at 2.42%, which the bank said is ‘among the lowest’ in the market.
The features of the limited time scheme include grace period for initial repayment, no down payment, no collateral or requirement of a guarantor.